There has been a recent rise in the number of agents reporting an increase in available properties, to 15 per cent from -20 per cent, described as “the first sustained shift towards supply for two years”.

While market indicators are consistent with further house price increases, recent gains have been attributed to the lack of property available. Lower interest rates, better mortgage deals and patience from lenders has meant that more homeowners have been able to stay put during the recession, rather than being forced to sell. As prices have increased, homeowners have put their properties on the market, which may have contributed to February’s price fall, along with the end of the stamp duty holiday and bad weather at the start of the year.

Price falls have been reported in Yorkshire and Humber, the West Midlands, Wales and the North.